FCLS.NEO vs. ZRE.TO

Last updated Jun 19, 2026

FCLS.NEO (Fidelity Canadian Long/Short Alternative ETF) and ZRE.TO (BMO Equal Weight REITs Index ETF) are both exchange-traded funds - FCLS.NEO is a Long-Short fund actively managed by Fidelity, while ZRE.TO is a REIT fund tracking the Solactive Equal Weight Canada REIT Index. FCLS.NEO is actively managed, while ZRE.TO is passively managed. Over the past year, FCLS.NEO returned 21.94% vs 14.21% for ZRE.TO. At a 0.36 correlation, their price movements are largely independent. FCLS.NEO charges 1.27%/yr vs 0.61%/yr for ZRE.TO.

Performance

FCLS.NEO vs. ZRE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) and BMO Equal Weight REITs Index ETF (ZRE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCLS.NEO achieves a 7.98% return, which is significantly lower than ZRE.TO's 12.26% return.

FCLS.NEO

• 1D: -1.46%
• 1M: 4.64%
• YTD: 7.98%
• 6M: 9.15%
• 1Y: 21.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZRE.TO

• 1D: 1.00%
• 1M: 5.32%
• YTD: 12.26%
• 6M: 10.80%
• 1Y: 14.21%
• 3Y*: 9.64%
• 5Y*: 3.41%
• 10Y*: 7.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FCLS.NEO vs. ZRE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF	7.98%	18.33%	17.30%
ZRE.TO BMO Equal Weight REITs Index ETF	12.26%	11.28%	3.13%

Correlation

The correlation between FCLS.NEO and ZRE.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.36

The correlation between FCLS.NEO and ZRE.TO shifts across timeframes, from 0.23 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCLS.NEO vs. ZRE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCLS.NEO

FCLS.NEO Risk / Return Rank: 47
FCLS.NEO Sharpe Ratio Rank: 42
FCLS.NEO Sortino Ratio Rank: 42
FCLS.NEO Omega Ratio Rank: 64
FCLS.NEO Calmar Ratio Rank: 37
FCLS.NEO Martin Ratio Rank: 47

ZRE.TO

ZRE.TO Risk / Return Rank: 38
ZRE.TO Sharpe Ratio Rank: 37
ZRE.TO Sortino Ratio Rank: 38
ZRE.TO Omega Ratio Rank: 33
ZRE.TO Calmar Ratio Rank: 42
ZRE.TO Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCLS.NEO vs. ZRE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) and BMO Equal Weight REITs Index ETF (ZRE.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FCLS.NEO	ZRE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.27	+0.15
Sortino ratio: Return per unit of downside risk	2.06	1.89	+0.17
Omega ratio: Gain probability vs. loss probability	1.37	1.22	+0.15
Calmar ratio: Return relative to maximum drawdown	1.78	2.02	-0.24
Martin ratio: Return relative to average drawdown	7.49	5.42	+2.06

FCLS.NEO vs. ZRE.TO - Sharpe Ratio Comparison

The current FCLS.NEO Sharpe Ratio is 1.42, which is comparable to the ZRE.TO Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FCLS.NEO and ZRE.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCLS.NEO vs. ZRE.TO - Drawdown Comparison

The maximum FCLS.NEO drawdown since its inception was -14.39%, smaller than the maximum ZRE.TO drawdown of -46.29%. Use the drawdown chart below to compare losses from any high point for FCLS.NEO and ZRE.TO.

Drawdown Indicators

	FCLS.NEO	ZRE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.39%	-46.29%	+31.90%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-7.07%	-5.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.44%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.29%	—
Current Drawdown Current decline from peak	-1.46%	-0.33%	-1.13%
Average Drawdown Average peak-to-trough decline	-2.09%	-7.68%	+5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.63%	+0.31%

Volatility

FCLS.NEO vs. ZRE.TO - Volatility Comparison

Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) has a higher volatility of 6.95% compared to BMO Equal Weight REITs Index ETF (ZRE.TO) at 2.92%. This indicates that FCLS.NEO's price experiences larger fluctuations and is considered to be riskier than ZRE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLS.NEO	ZRE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	2.92%	+4.03%
Volatility (6M) Calculated over the trailing 6-month period	13.79%	8.66%	+5.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	11.27%	+4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	15.56%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.04%	17.68%	-3.64%

FCLS.NEO vs. ZRE.TO - Expense Ratio Comparison

FCLS.NEO has a 1.27% expense ratio, which is higher than ZRE.TO's 0.61% expense ratio.

Dividends

FCLS.NEO vs. ZRE.TO - Dividend Comparison

FCLS.NEO's dividend yield for the trailing twelve months is around 0.61%, less than ZRE.TO's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCLS.NEO Fidelity Canadian Long/Short Alternative ETF	0.61%	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZRE.TO BMO Equal Weight REITs Index ETF	4.34%	4.96%	5.26%	5.14%	4.97%	3.87%	5.01%	4.17%	4.95%	5.05%	5.46%	6.00%

Frequently Asked Questions

Can I hold both FCLS.NEO and ZRE.TO in my portfolio?

FCLS.NEO and ZRE.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCLS.NEO or ZRE.TO?

On fees, ZRE.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLS.NEO or ZRE.TO?

ZRE.TO is cheaper with a 0.61% expense ratio, compared with 1.27% for FCLS.NEO.

What is the main difference between FCLS.NEO and ZRE.TO?

FCLS.NEO is categorized as Long-Short, while ZRE.TO is REIT. They also come from different issuers: Fidelity and BMO. Their fees differ too: 1.27% for FCLS.NEO and 0.61% for ZRE.TO.